HKMC INSURANCE LIMITED 香港按證保險有限公司
Ex-property agent jailed for 16 months and HK$1m ordered confiscated for HK$4.9m mortgage loan fraud
ICAC, 16-May-2023
In a sort of "time plus cash" deal, Mr Chiu Ka Wai can either pay HK$1.07m of "illicit gains" (presumably, rental income) or do an extra 25 months in jail. So the price of freedom is about HK$42.8k/month, minus costs of housing and food. His "serious" crime was to rent out a property bought with mortgage insurance on condition of self-occupancy. The insurer, HKMC, is ultimately owned by the Government. There is no allegation that the lender, HSBC and the insurer were not paid, presumably assisted by the rental income. Meanwhile, of course, Mr Chiu had to live somewhere else.
ICAC, 16-May-2023
In a sort of "time plus cash" deal, Mr Chiu Ka Wai can either pay HK$1.07m of "illicit gains" (presumably, rental income) or do an extra 25 months in jail. So the price of freedom is about HK$42.8k/month, minus costs of housing and food. His "serious" crime was to rent out a property bought with mortgage insurance on condition of self-occupancy. The insurer, HKMC, is ultimately owned by the Government. There is no allegation that the lender, HSBC and the insurer were not paid, presumably assisted by the rental income. Meanwhile, of course, Mr Chiu had to live somewhere else.
Ex-property agent admits HK$4.9m mortgage loan fraud
ICAC, 30-Jan-2023
Mr Chiu Ka Wai, 38, has been remanded in custody pending sentence. His offence was to rent out a residential property bought with mortgage insurance on condition of self-occupancy, raising the loan-to-value ratio to 80%. There is no allegation that he didn't service the loan on time. The HK Mortgage Corporation is ultimately owned by the HKSAR Government.
ICAC, 30-Jan-2023
Mr Chiu Ka Wai, 38, has been remanded in custody pending sentence. His offence was to rent out a residential property bought with mortgage insurance on condition of self-occupancy, raising the loan-to-value ratio to 80%. There is no allegation that he didn't service the loan on time. The HK Mortgage Corporation is ultimately owned by the HKSAR Government.
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